Sensex drops 61 pts, Nifty ends flat as TCS falls over 5pc

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PTI

March 13, 2018

UPDATED: March 13, 2018 17:10 IST

Mumbai, Mar 13 (PTI) The benchmark BSE Sensex today dropped by 61.16 points to close at 33,856.78 while broader Nifty closed almost flat due to the fag-end profit booking in select banking and FMCG shares and a sharp fall in TCS.

The broader NSE Nifty managed to end higher for the second day at 10,426.85, up by 5.45 points or 0.05 per cent as losses in TCS and ITC were offset by gains in HPCL, Axis Bank and Gail.

Stock markets remained volatile throughout the day amid mixed Asian markets as investors awaited the US inflation data later in the day for cues about the pace of Fed rate hikes.

Shares of Tata Consultancy Services (TCS) fell by 5.22 per cent to Rs 2,892.45 following reports that its promoter Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major.

FMCG major ITC dropped 0.5 per cent and while private lenders Kotak Bank and HDFC Bank fell up to 1.46 per cent, wiping out early gains.

The BSE Sensex had opened lower at 33,818.22 on weak Asian cues, but soon recovered to regain 34,000 mark to hit a high of 34,077.32 on positive macroeconomic data.

However, profit-booking at fag-end dragged the index to a low of 33,722.96 before ending at 33,856.78, down by 61.16 points or 0.18 per cent.

"Market gained a positive momentum on account of easing inflation & better than expected IIP data. However, selling in IT & profit booking in banks failed to keep positivity throughout the day," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Retail inflation surprisingly slowed for the second consecutive month to 4.4 per cent in February from 5.1 per cent in January and 5.2 per cent in December. Factory output grew at a robust pace for the third straight month, at 7.5 per cent in January.